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Welcome back to the world of Marketing Mix Modelling (MMM) with a Bayesian twist. In our last article, we introduced the concept of Bayesian MMM and how it revolutionizes the traditional marketing models by incorporating prior knowledge and adapting to new data. Today, we take a leap forward and dive into one of its most amazing capabilities – handling hierarchical data. In this article, we will talk about: What is Hierachical Data? How traditional MMM’s model Hierarchical Data? Hierarchical Modeling using the Bayesian Approach? Firstly, what is Hierarchical Data? Before we unravel the magic that Bayesian MMM does on [...]